How Google, Target, Amazon, Chipotle create millennial brand love

Myth No. 1: They don’t have any disposable income so why should we care

Facts: They already have 21 percent of consumer discretionary purchasing power (or about $1.3 trillion) and influence many purchase decisions made by Generation X and baby boomers.

Myth No. 2: Millennials are a selfish generation that only care about themselves

Facts: They are interested in making a difference and are more likely than non-millennials to support a friend or family in causes they care about. They are also more likely to donate their time than non-millennials.

Secrets to creating more millennial brand love

Millennials want to be active participants in your brand. They want to be part of it. The brands that figure out how to do this will win. Here are a myriad of ways that brands can embrace the "participation economy":

1. Co-create products, services and experiences

Millennials not only want a say in creating their optimal brand, but also how they experience that brand. Allow them to co-create and you’ll be amazed by their interest, ideas and engagement.

2. Leverage technology within their brand authority

Millennial-mindset consumers know that “Useful is the new cool” and great brands are simplifying the consumer journey and creating added value consistent with their brand authority. Nike is a perfect example of this. Nike started in 1964 simply as a distributor for a Japanese shoe company. Instead of just selling shoes, they have decided to reinvent their company, becoming the authority for athletic footwear and apparel. Now their mission is to bring inspiration and innovation to every athlete through products and sponsorships well beyond footwear.

Jeff Fromm is president of FutureCast, a millennial trends consulting firm. He also is lead editor of www.millennialmarketing.com and co-author of the book "Marketing to Millennials: Reach The Largest & Most Influential Generation of Consumers Ever." #viewsaremine.